Greece's opposition party PASOK has criticised Health Minister Adonis Georgiadis after he dismissed the party's economic plan on private debt as disgraceful during a radio interview.
The opposition party issued a statement responding to remarks made by Georgiadis on SKAI radio, in which the minister rejected PASOK's proposal to allow distressed borrowers the option to buy back their non-performing loans.
PASOK claimed that the minister's harsh reaction demonstrated how much its private debt policy had alarmed powerful financial interests. According to the party, Georgiadis acknowledged supporting a borrower option in 2017 but argued that such measures were no longer feasible because banks had already sold the loans to investment funds. PASOK insisted the minister had not read its proposed plan, which outlines a specific mechanism for handling debt restructurings.
Opposition Critique of Debt Policies
The dispute centers on non-performing loans and primary residence foreclosures, which became major political issues in Greece following the country's decade-long financial crisis. During that era, thousands of Greek households faced mortgage defaults, leading successive governments to introduce and later modify legal protections against home repossessions.
PASOK accused Georgiadis and the ruling New Democracy party of abandoning their past stance to adopt the policies of former Prime Minister Alexis Tsipras, whose government oversaw the transfer of non-performing loans to private investment funds. The opposition party stated that New Democracy had previously criticised the Tsipras administration but was now faithfully implementing the same approach in favor of investment funds and property auctions.
Political Backlash and Future Debates
PASOK is a center-left political party in Greece, formally known as PASOK-Movement for Change, currently serving in opposition to the center-right New Democracy government led by Prime Minister Kyriakos Mitsotakis. Adonis Georgiadis serves as the Minister of Health and is a prominent figure within New Democracy.
In its statement, PASOK called on the health minister to explain why he shifted from advocating for borrower buy-back rights to supporting the abolition of primary residence protections. The party urged Georgiadis to address the substance of its debt proposals as political debates over financial reform continue in Athens.
